Consolidated and Combined Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2015 |
Jun. 30, 2014 |
Jun. 30, 2015 |
Jun. 30, 2014 |
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REVENUE | |||||||
Property rentals | $ 57,380 | $ 57,626 | $ 114,966 | $ 115,050 | |||
Tenant expense reimbursements | 20,451 | 18,902 | 44,754 | 43,699 | |||
Management Fees Revenue | 693 | 134 | 1,228 | 265 | |||
Other income | 191 | 158 | 1,550 | 438 | |||
Total revenue | 78,715 | 76,820 | 162,498 | 159,452 | |||
EXPENSES | |||||||
Depreciation and amortization | 14,233 | 13,698 | 27,965 | 27,296 | |||
Real estate taxes | 12,517 | 12,744 | 25,341 | 25,410 | |||
Property operating | 10,985 | 11,333 | 27,508 | 27,899 | |||
General and administrative | 6,792 | 4,560 | 19,118 | 9,669 | |||
Ground rent | 2,565 | 2,654 | 5,079 | 5,210 | |||
Transaction costs | 427 | 0 | 22,286 | 0 | |||
Provision for doubtful accounts | 389 | 358 | 712 | 727 | |||
Total expenses | 47,908 | 45,347 | 128,009 | 96,211 | |||
Operating income | 30,807 | 31,473 | 34,489 | 63,241 | |||
Interest income | 51 | 8 | 62 | 17 | |||
Interest and debt expense | (13,241) | (13,138) | (28,410) | (26,268) | |||
Income before income taxes | 17,617 | 18,343 | 6,141 | 36,990 | |||
Income tax expense | (464) | (319) | (1,005) | (1,050) | |||
Net income | 17,153 | 18,024 | 5,136 | 35,940 | |||
Less net income attributable to noncontrolling interests in: | |||||||
Operating partnership | (986) | 0 | (426) | 0 | |||
Consolidated subsidiaries | (5) | (6) | (11) | (11) | |||
Net income attributable to common shareholders | $ 16,162 | $ 18,018 | $ 4,699 | [1] | $ 35,929 | ||
Earnings (loss) per common share - Basic (in usd per share) | $ 0.16 | $ 0.18 | $ 0.05 | $ 0.36 | |||
Earnings (loss) per common share - Diluted (in usd per share) | $ 0.16 | $ 0.18 | $ 0.05 | $ 0.36 | |||
Weighted average common shares outstanding - basic | 99,250 | 99,248 | 99,249 | 99,248 | |||
Weighted Average Number of Shares Outstanding, Diluted | 99,274 | 99,248 | 99,265 | 99,248 | |||
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- Definition Costs associated with the separation transaction No definition available.
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- Definition Other operating costs incurred during the reporting period and may include amounts paid to maintain the property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line. No definition available.
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- Definition Revenue, comprised of base and incentive revenue derived from the management of joint ventures, managing third-party properties, or another entity's operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Portion of net income (loss) attributable to nonredeemable noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax of income (loss) attributable to redeemable noncontrolling partner of a limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Revenues from the sale of other goods or rendering of other services, not elsewhere specified in the taxonomy; net of (reduced by) sales adjustments, returns, allowances, and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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